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Laramie council authorizes lease-style financing for City Hall and annex remodel after heated public comments
Summary
The Laramie City Council approved a resolution allowing a site lease and facilities sublease agreement to finance City Hall and annex remodels, a move staff said preserves cash flow and uses low interest rates; members of the public urged voter review, but council voted 6-0 to proceed.
The Laramie City Council on March 3 voted 6-0 to approve a resolution authorizing a site lease and facilities sublease agreement that will finance remodeling of City Hall and the City Hall Annex.
Councilors and staff spent more than an hour discussing the financing structure, which staff and outside advisors described as a common municipal lease-financing arrangement in Wyoming that spreads costs over time and is subject to annual appropriation. Director Wade told the council the project is already contracted and in the adopted budget, and that lease financing preserves cash for other priorities while locking in a competitive interest rate.
City finance staff and counsel…
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